for all of you that can't be bothered to read the wholarticle, this is the conclusion/gist of it:
It appears that house prices have absorbed much of the additional economic capacity obtained by households in the period 1970-90 as a result of fertility restraint and female labour force participation. House prices are now at levels that demand small families and dual incomes. The trajectories of house prices over that time have probably responded to those social changes and hence have been set by exogenous influences that are not capable of being reproduced in the future.
in plain english: as "the bears keep saying it for a while now" , prices have gone as high as they can before we start getting payed waaaay more than what we are getting payed right now !
makes sense, doesn't it ???
and... that goes for mortgages AND for rent returns !!!
